Florida’s citrus growers are racing to collect what’s left of one the worst seasons ever as juice prices are soaring toward fresh records. The state’s crop will plunge 56% this season after damage from Hurricane Ian. It exacerbated long-term impact from the devastating citrus-greening disease that’s sent costs soaring as well. Greening makes fruit shrivel and reduces yield, eventually killing trees.
Fort Myers-based Alico Inc. reported a big quarterly loss this week, and cited higher fruit costs among reasons. The citrus giant accelerated its harvest because of the increased rate of fruit drop caused by Ian, and overall production of early crops will be lower from last year.
Orange juice futures rose as much as 3.5% to $2.516 a pound, the highest in records going back to early 1967.
Source: bnnbloomberg.ca